{"id":608094,"date":"2023-10-15T00:00:00","date_gmt":"2023-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/ebrd-could-greenlight-funds-for-electricity-grid-modernization\/"},"modified":"2023-10-15T00:00:00","modified_gmt":"2023-10-15T00:00:00","slug":"ebrd-could-greenlight-funds-for-electricity-grid-modernization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/ebrd-could-greenlight-funds-for-electricity-grid-modernization\/","title":{"rendered":"EBRD could greenlight funds for electricity grid modernization"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Upgrades to electricity grid could get EBRD backing: <\/strong>The European Bank of Reconstruction and Development (EBRD) is considering providing a sovereign loan of up to EUR 165 mn to upgrade the country\u2019s electricity transmission grid, the lender said on its <a target=\"_blank\" href=\"https:\/\/bit.ly\/46OKsVx\" style=\"\" rel=\"noopener\">w<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/46OKsVx\" style=\"\" rel=\"noopener\">ebsi<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/46OKsVx\" style=\"\" rel=\"noopener\">te<\/a>. The funds would be given to the Egyptian government for on-lending to the state-owned Egyptian Electricity Transmission Company (EETC). The approval date for the loan has been set as 13 December 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the funds go? <\/strong>The loan will finance the upgrade of a 500 kV substation in Cairo governorate that will enable the decommissioning of an aging gas-fired power plant in Shubra El Kheima. Smaller substations across the country are also set for upgrades under the plan. Funds will also be pumped into building a 200 km high-voltage overhead transmission line that will transmit some 2.1 GW of renewable energy from wind plants in the Gulf of Suez. Of the total loan, 60% will be dedicated to the construction of the transmission line, with the remaining 40% going to the 500 kV substation in Cairo and other smaller substations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The EBRD is the lead partner in Egypt\u2019s Nexus for Food, Water and Energy (NWFE) energy plan to which it pledged to contribute <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f210ba90-7f65-412c-a3e1-b0ad2e297f03\" style=\"\" rel=\"noopener\">USD 200-300 mn<\/a>. The money will be used to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb47fa0e-86be-4684-9bfb-ee1067524e29\" style=\"\" rel=\"noopener\">decommission<\/a> 5 GW of gas-fired power plants by 2025 and establish 10 GW of solar and wind projects by 2028. NWFE\u2019s energy project plans to mobilize USD 10 bn in private-sector investment and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b708cb4f-36f2-41f9-a001-4b00bfcbe2b4\" style=\"\" rel=\"noopener\">USD 500 mn<\/a> in soft loans, grants, and assistance from donors and international financial institutions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EU may also be helping out:<\/strong> The project will require EUR 200 mn, with the remaining EUR 35 mn coming from EU grants, which will be subject to EU approvals, the lender wrote. Yet it\u2019s still more than we expected, with local media reporting last week that the government was trying to secure a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b708cb4f-36f2-41f9-a001-4b00bfcbe2b4Gov%E2%80%99t%20wants%20to%20start%20drawing%20on%20the%20EBRD%E2%80%99s%20financial%20contribution%20to%20the%3Cmark%3E%20NWFE%20%3C%2Fmark%3Eenergy%20project.%20PLUS:%20News%20from%20Pachin,%20Vezeeta,%20Contact%20Financial,%20Roboost,%20and%20McDonald%E2%80%99s.\" style=\"\" rel=\"noopener\">USD 150 mn loan<\/a> from the EBRD as part of its NWFE program before the end of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider renewables project: <\/strong>The EETC is seeking funds to implement a USD 2 bn investment program that will upgrade the grid, phase out aging stations, and help Egypt reach its goal of having 42% of its electricity renewably generated <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06e7e381-df4d-4d89-94c7-428dba34d5a3\" style=\"\" rel=\"noopener\">by 2030<\/a> and 60% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04dda22d-b376-4d76-bf9a-50f917a5ac39\" style=\"\" rel=\"noopener\">by 2040<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total project would require EUR 200 mn, with the remaining EUR 35 mn coming from EU grants<\/p>\n","protected":false},"author":1,"featured_media":608095,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7576],"tags":[101,571,1284,244,93,72,6328,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-development-finance","tag-ebrd","tag-eetc","tag-electricity","tag-energy","tag-enterpriseam","tag-nwfe","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"8cfa7f13-5757-4c41-a463-99de419751cf","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/697.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EBRD considering EUR 165 mn loan to upgrade Egypt\u2019s electricity grid, phase out aged stations","related_issue":[608080],"teaser":"The total project would require EUR 200 mn, with the remaining EUR 35 mn coming from EU grants","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.3ac0cce6-b817-4735-b7e1-ba26b830734c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The loan will be used to finance part of EETC's plan to build and upgrade five high voltage substations in\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558665,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/more-ebrd-finance-for-the-cairo-metro\/","url_meta":{"origin":608094,"position":1},"title":"More EBRD finance for the Cairo Metro?","author":"enterpriseam admin","date":"22 August 2021","format":false,"excerpt":"Egypt could receive an EUR 250 mn loan from the European Bank for Reconstruction and Development (EBRD) to finance upgrades at Cairo Metro Line 2, according to the bank\u2019s website. The finance, which would be used to upgrade existing rolling stock and purchase new locomotives, is still being reviewed by\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549300,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/","url_meta":{"origin":608094,"position":2},"title":"EBRD to help Egypt wind down gas-fired power plants","author":"enterpriseam admin","date":"12 September 2022","format":false,"excerpt":"More details on EBRD clean energy funding: The European Bank for Reconstruction and Development (EBRD) will provide USD 300 mn in funding to Egypt to help it decommission 5 GW of gas-fired power plants from 2023, Heike Harmgart, the bank\u2019s managing director for the Southern and Eastern Mediterranean, told Reuters.\u2026","rel":"","context":"In &quot;Climate&quot;","block_context":{"text":"Climate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/climate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595696,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/04\/raya-foods-secures-eur-5-mn-loan-from-ebrd\/","url_meta":{"origin":608094,"position":3},"title":"Raya Foods secures EUR 5 mn loan from EBRD","author":"enterpriseam admin","date":"4 August 2019","format":false,"excerpt":"Raya Foods received a EUR 5 mn loan from the European Bank for Reconstruction and Development (EBRD) to expand its storage facilities and purchase new equipment, the lender said in a statement. Raya Holding\u2019s frozen fruits and vegetables production unit will use the funds to build a new storage house\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603692,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/20\/ebrd-has-funding-for-damietta-port-and-is-pushing-forward-liberalization-of-our-electricity-grid\/","url_meta":{"origin":608094,"position":4},"title":"EBRD has funding for Damietta Port \u2014 and is pushing forward liberalization of our electricity grid","author":"enterpriseam admin","date":"20 August 2023","format":false,"excerpt":"EBRD is also working with Egyptera on a a wheeling framework for the national electricity grid","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/888.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557234,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/","url_meta":{"origin":608094,"position":5},"title":"NBK Egypt to receive USD 25 mn from EBRD to fund green energy projects","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"The National Bank of Kuwait in Egypt (NBKE) is set to receive a USD 25 mn loan to fund green energy projects from the European Bank for Reconstruction and Development (EBRD), the bank announced in a statement. The funds will be lent on to Egyptian SMEs and individual households to\u2026","rel":"","context":"In &quot;Green economy&quot;","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608094"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608094\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608095"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608094"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608094"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}